Hardware OTP Token Authentication Market Trends, Future Outlook, Analysis and Forecast 2023-2029

The global hardware OTP token authentication market is expected to grow at a significant CAGR of 18% during the forecast period. The major factors propelling the growth of the global hardware OTP token authentication market include the mobility factor of these hardware devices which remove the demand for identity management using external software and hardware. The increased degree of security provided by these tokens is a major element driving up demand in a variety of end-user sectors all over the globe.

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Hardware OTP authentication is a two-factor authentication system that uses a physical hardware authenticator or a secure token to provide safe remote network access and digital signature capability. Hardware OTP generates a password that works as a second factor of authentication using a separate device or a security token provided to the user. Hardware OTP tokens are a type of two-factor authentication token that is typically used for user authentication and access management applications. After primary authentication, a hardware device is used for secondary authentication.

The key players contributing to the growth of the global hardware OTP token authentication market by adopting various strategies such as product launches and developments, mergers and acquisitions, partnerships, and agreements, include One Identity LLC, Dell Technologies Inc., Entrust Datacard Corporation, Thales Group (Gemalto NV), RSA Security LLC, among others. For instance, in June 2020, HID Global's biometric identification management systems have been introduced to police departments and military locations all around the globe. End users, such as law enforcement personnel, can utilize the HID NOMAD 30 Pocket Reader's PIV-certified sensor to swiftly collect and verify single fingerprints against databases, eliminating the need to transfer suspects to a central booking station.

Market Coverage

The market number available for - 2020-2027
Base year- 2020
Forecast period- 2021-2027
Segment Covered-
o By Type

o By End-User

Regions covered-
o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- One Identity LLC, Dell Technologies Inc., Entrust Datacard Corporation, Thales Group (Gemalto NV), RSA Security LLC, among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?

Global Hardware OTP Token Authentication Market - Segmentation

By Type

Connected
Disconnected
Contactless

By End-user

Banking, Financial Services & Insurance
Government
Enterprise Security
Healthcare
Other

A full report of Hardware OTP Token Authentication Market is available at: https://www.omrglobal.com/industry-reports/hardware-otp-token-authentication-market

Hardware OTP Token Authentication Market- Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Middle East & Africa
Latin America

Company Profiles

One Identity LLC
Dell Technologies Inc.
Entrust Datacard Corporation
Thales Group (Gemalto NV)
RSA Security LLC

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